Suppose the headphone industry is perfectly competitive and every firm has the following cost structure: . MC = 50 + 69 . ATC = 50 + 3q + 675/q . AFC = 675/q where q is the number of headphone produced by a typical firm in a year. Assume the ATC and MC curves are the same in the short-run and long-run. The current market price is $74 per headphone. Answer the following questions (4 points each ): 1. What is the profit-maximizing quantity sold at the current market price by each firm? 2. What is the long-run market price of headphones? 3. In the long-run, what is the the profit-maximizing quantity of headphones sold